Live Nation, the world's biggest live music company which last year quit Hyde Park as a venue, is in talks to host gigs at the Olympic Stadium in East London from this summer.

The company is in advanced talks to host events at the London Olympic Stadium, which is set to re-open with an anniversary weekend of music gigs on the 27 and 28 July to mark the first anniversary of the start of the 2012 games.

As well as concerts in the main stadium it is thought that a series of gigs are planned for other parts of the extensive Olympic park complex in Stratford, according to a person familiar with the negotiations. It is not clear if Live Nation, which also owns Ticketmaster, is in exclusive talks to run events in the park.

A spokeswoman for London Legacy said: "The Legacy Corporation is exploring a number of options with event organisers to bring concerts to the Stadium by July this year. These talks are ongoing and an announcement will be made in due course." Live Nation declined to comment.

Live Nation has been considering its options since quitting Hyde Park after more than a decade of putting on music events including Live 8, the Wireless Festival and Hard Rock calling.

In December Premier League football club West Ham was given three months to improve the terms of its deal to move into the Olympic Stadium. If it fails to do so the mayor of London, Boris Johnson, will pursue alternate options including more music, athletics and other one-off sporting events.

It is understood Live Nation's music events could continue in the Olympic park even if West Ham becomes the primary occupant of the stadium.

If a deal with West Ham is agreed the club is unlikely to move in until the start of the 2016-17 season, more than four years after the Olympic opening ceremony, with construction work likely to begin in the autumn after the summer music events.

The £160m-plus redevelopment of the main stadium will include the installation of retractable seats and a full roof.

The Olympic park will retain some of its other sports venues including the Aquatics Centre, which is having its seating capacity redued and is due to re-open by Easter 2014, the cycling velodrome, and the Copper Box, which hosted events including handball.

A velopark is reportedly set to open by next Christmas and the Copper Box, which be refitted for concerts, is expected to re-open in time for the first anniversary of the Olympic opening ceremony in July.

Almost £300m will also be invested in significantly changing the surrounding area with plans for almost 10 miles of roads to be rebuilt, 30 new bridges, parkland and housing developments for 7,000 homes over 18 years. The first families will move into the flats of the athletes' village in September.

• To contact the MediaGuardian news desk email editor@mediaguardian.co.uk or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. If you are writing a comment for publication, please mark clearly "for publication".

• To get the latest media news to your desktop or mobile, follow MediaGuardian on Twitter and Facebook